Search Results for agency_names:"Treasury Department"

The Department of the Treasury, specifically the Office of Foreign Assets Control (OFAC), is requesting the Office of Management and Budget (OMB) to review and approve the extension of an existing form related to the Rough Diamonds Control Regulations. According to these regulations, individuals or businesses receiving shipments of rough diamonds must report the receipt to the relevant foreign exporting authority within 15 days of entry into the U.S. This process affects those involved in the international diamond trade, with an estimated total of 73 respondents and about 67 total annual burden hours for reporting. The department is inviting public comments on this collection by March 31, 2025, and details can be submitted through the specified website.

The Financial Crimes Enforcement Network (FinCEN) is working to renew a rule that lets banks designate certain customers as "exempt persons" so they don’t have to report large cash transactions over $10,000 with them. The rule aims to help banks reduce paperwork and make it easier to manage these accounts. FinCEN is asking for public comments on the process and its impact on banks' workload to ensure it is effective and not unnecessarily burdensome. This is part of a broader effort to comply with the Paperwork Reduction Act of 1995, which seeks to minimize paperwork burdens on the public.

The Office of the Comptroller of the Currency (OCC) is seeking public and agency comments on the renewal of an information collection called the "Examination Survey," as required by the Paperwork Reduction Act. This survey collects feedback from banks regarding the OCC's supervisory activities and aims to improve the examination process through responses on communication, data requests, and examiner professionalism. Comments are due by February 10, 2021, and can be submitted via email, mail, fax, or courier. The survey helps the OCC in enhancing examination quality and targeting examiner training.

The U.S. Department of the Treasury announced its plan to submit various information collection requests to the Office of Management and Budget (OMB) for review, following the Paperwork Reduction Act of 1995. The public is encouraged to comment on these requests before February 6, 2025. The Internal Revenue Service (IRS) is revising its collections, introducing new forms such as Form 709-NA for nonresident gift tax transfers and expanding e-filing authorization forms like Forms 8453-EG and 8879-EG. These changes aim to streamline tax reporting and electronic filing processes.

The Department of the Treasury has announced that they will be submitting various information collection requests to the Office of Management and Budget (OMB) for review. These requests are part of a routine process governed by the Paperwork Reduction Act of 1995. The public is encouraged to submit comments by January 21, 2025, for consideration. The notice includes details about different forms and applications used by the Internal Revenue Service (IRS) for purposes such as employee pensions and advisory council membership, along with estimated burdens associated with each.

The Office of the Comptroller of the Currency (OCC) is requesting comments from the public and other federal agencies on renewing an information collection known as the "Bank Appeals Follow-Up Questionnaire." This is part of a broader effort to reduce paperwork and respondent burden under the Paperwork Reduction Act of 1995 (PRA). The information gathered will assess the effectiveness of the OCC's appeals process for banks and help improve it. Comments on the need, accuracy, and potential improvements of this information collection are invited, and they must be submitted by April 19, 2021.

The Financial Crimes Enforcement Network (FinCEN) published a proposed rule on December 23, 2020, aimed at implementing new reporting and recordkeeping requirements for transactions involving convertible virtual currency (CVC) and legal tender digital assets (LTDA). These requirements are part of efforts to address illicit financial activities such as money laundering and the financing of terrorism. The proposal includes mandatory reporting for transactions over $10,000 involving these assets, as well as maintaining records for transactions over $3,000. In response to public feedback, FinCEN has reopened the comment period to gather more input on these proposals and their implications for financial institutions, technology, and regulatory compliance.

The Department of the Treasury has submitted several information collection requests to the Office of Management and Budget (OMB) for review and clearance under the Paperwork Reduction Act of 1995. The public can submit comments on these requests by March 31, 2025. The collections involve various activities related to alcohol and tobacco production, importation, and distribution, including brewer reports, permits for shipping Puerto Rican liquors, basic permits for alcohol businesses, and excise tax refund requests for nonbeverage products. The Treasury Department aims to ensure the correct application of tax laws and to safeguard revenue through these information collections.

The Internal Revenue Service, part of the Treasury Department, will hold a closed meeting for the Art Advisory Panel on April 17, 2025, at 10:30 a.m. Eastern time. This meeting, taking place in New York City or virtually via Microsoft Teams, will focus on reviewing and evaluating fair market value appraisals of artworks for federal tax purposes. The meeting will be closed to the public because it involves confidential tax return information. Elizabeth P. Askey from the Independent Office of Appeals filed the notice, citing legal provisions to justify the closure.

The U.S. Treasury's Office of Foreign Assets Control (OFAC) has added new individuals and organizations to its Specially Designated Nationals and Blocked Persons List. This includes Rawa Majid, also known as the "Kurdish Fox," who is linked to the FOXTROT NETWORK, a significant transnational criminal organization based in Sweden. Any property these individuals have in U.S. jurisdiction is blocked, and Americans are usually not allowed to do business with them. The details of this action and more information about OFAC sanctions can be found on their website.